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CNOOC Signs PSC with PetroBroad

Chinese offshore giant – CNOOC Ltd. (CEO - Free Report) has signed a production sharing contract (PSC) with PetroBroad Copower Limited for Block 28/03 in Pearl River Mouth Basin in South China Sea. Located in the eastern Pearl River Mouth Basin the block covers a total area of 68 square kilometers with water depth of 95 meters.

Through the contract, CNOOC has prudently passed on the cost and responsibility to conduct 3D seismic data surveys and drill exploration wells in the block to PetroBroad Copower. However, CNOOC has retained the right to participate in up to 51% of working interest in any subsequent commercial discovery in the block.

We remain optimistic on CNOOC as its performance reflects its premium assets portfolio, excellent execution strategy, unique position as a pure oil play and potential transactions in the merger and acquisition space.

CNOOC is one of the three leading oil companies in China and among the largest independent oil and gas exploration and production companies of the world. It is China’s dominant producer of offshore crude oil and natural gas and engages in the exploration, development, production as well as sale of crude oil, natural gas, and other petroleum products.

CNOOC Ltd. is the only company permitted to conduct exploration and production activities with international oil and gas companies off the shores of China. The Chinese government owns a 64.41% stake in the company by virtue of its ownership of CNOOC (China National Offshore Oil Corporation).

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